Intra Energy Corporation (ASX:IEC) receives $1.5M for Tanzania asset sale
Adavale Resources (ASX:ADD) has secured up to $2M (before costs) to progress the drilling testing priority nickel sulphide targets at the Kabanga Jirani Nickel Project in Tanzania.
The funds will be raised through two tranches of a 12-month unsecured convertible note to both new and existing groups of sophisticated and professional investors.
Tranche 1 comprising $990,000 will be settled by 24 March 2023 and Tranche 2 comprising $1,010,000 will be subject to shareholders approval.
Adavale Resources says the noteholders will receive 32.49708 free attaching options per $1 subscribed, with an exercise price of $0.03 each expiring 31 December 2025.